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Investor satisfaction with full-service financial advisers in Canada has declined for the second year in a row, with clients seeing too little concern for their needs as global uncertainty buffets markets, a survey showed on Thursday.
Overall investor happiness with full-service investment firms fell 13 points from last year to 720 on a 1,000-point scale, the second consecutive annual decline, according to a survey by J.D. Power and Associates.
While global economic uncertainty is partly to blame for the drop in satisfaction, the marketing information services company said its U.S. survey showed the opposite trend -- a second straight year of higher satisfaction among U.S. full-service investors.
"The difference between U.S. and Canada full-service investors is due to the relationship with their investment firm," Lubo Li, senior director of the financial services practice at J.D. Power and Associates, said in a statement.
"Investors in Canada are less satisfied with their firm, in large part, because their adviser is not keeping them up to date with market trends as much as during the past two years and isn't demonstrating as much concern for their needs."
Canadian investors gave their advisers an average rating of 7.8 out of 10 for showing concern for their needs and 7.4 for promptness in keeping them up to date with market trends. That compares with U.S. ratings of 8.4 and 8.1, respectively.
"During uncertain economic times, when the market fluctuates, investors more than ever need the advice provided by their investment adviser," said Li. "Investors need reassurance regarding the current risk exposure of their portfolio and to believe they are well positioned when the market comes back."
Raymond James ranked highest in investor satisfaction among full-service investment firms in Canada, followed by Edward Jones and TD Waterhouse Private Investment Advice.
The study, conducted in June and July 2012, was based on responses from more than 5,200 investors.